SCHEDULE 7Alternative property finance relief

PART 2Alternative property finance: arrangements relieved

Land sold to financial institution and person in common

7

Paragraphs 8 to 12 apply where arrangements are entered into between a person and a financial institution under which—

(a)

the institution and the person purchase a major interest in land as common owners (“the first transaction”),

(b)

the institution and the person enter into an agreement under which the person has a right to occupy the land exclusively (“the second transaction”), and

(c)

the institution and the person enter into an agreement under which the person has a right to require the institution to transfer to the person (in one transaction or a series of transactions) the whole interest purchased under the first transaction.